Estate Planning

Estate Planning

What is Estate Planning? 

There is no one right way to do an estate plan. However, there are certain elements that all proper estate plans have in common. At its most basic level, an estate plan should address not only what will happen when you die but what will happen if you become incapacitated. Further, a good estate plan always includes four basic elements:

1. Advance medical directives
2. Healthcare power of attorney
3. Durable general power of attorney
4. A testamentary document (for example, a last will and testament or a revocable living trust)

Learn more about estate planning documents>

What’s Included in a Living Trust Based Estate Plan from LTAL?

It depends upon how you are planning:

Single, and married planning separately. For a single person—or a married individual wishing to plan without or separately from their spouse—a living-trust-based estate plan will include the following:

• The trust agreement
• Certificates (two different editions) for the purpose of verifying information about your trust without disclosing who receives your wealth upon your death
• An Advance Medical Directive (a combination Living Will and Health Care Power of Attorney)
• A Durable General Power of Attorney
• One “Pour-Over” Will
• One deed to convey one piece of real estate to your trust
• Funding instructions (including ghost-written letters to your fiduciaries) and assistance for three months after you have executed your trust documents

When we create your plan, we organize unsigned copies of all documents into a handsome padded binder along with information and schedules to organize your financial information and other information you want your beneficiaries and/or successor trustee(s) to know.

Married planning jointly. For a married couple planning jointly, a living-trust-based estate plan will include the following:

• The trust agreement
• Certificates (two different editions) for the purpose of verifying information about your trust without disclosing who receives your wealth upon your death
• Two Advance Medical Directives (a combination Living Will and Health Care Power of Attorney)
• Two Durable General Powers of Attorney
• Two “Pour-Over” Wills
• One deed to convey one piece of real estate to your trust
• Funding instructions (including ghost-written letters to your fiduciaries) and assistance for three months after you have executed your trust documents.

When we create your plan, we organize unsigned copies of all documents into a handsome padded binder along with information and schedules to organize your financial information and other information you want your beneficiaries and/or successor trustee(s) to know.

Costs of Basic Estate Planning

Depending on who does your estate plan, costs of basic estate planning can range from $185 to as much as $8000. Living Trust Attorney Ltd. charges between $1900 and $4350 for complete, customized basic estate plans that include the four legal documents that everyone should have (listed above). While basic estate planning does not include detailed tax planning, we do include a basic credit shelter trust for married couples planning jointly.

Talk to us today about beginning your Estate Plan>